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Brandon Lloyd’s one-year contract with the 49ers is worth $1.005 million with no guaranteed money, a source told CSNBayArea.com on Wednesday.

The 49ers on Tuesday announced the signing of the veteran wide receiver who sat out of NFL action last season. He last played for the New England Patriots in 2012 and earned $4 million that season before the club released him in March 2013.

Lloyd’s contract with the 49ers consists of the veteran minimum $955,000 base salary with $50,000 available through a workout bonus. His contract includes no signing bonus, the source said. He has more than the allowable amount of incentives in his contract, a source said, which means the 49ers do not receive the minimum salary benefit. Lloyd’s deal counts $1.005 million against the 49ers’ salary cap.

The 49ers are currently $4.001 million under the cap, according to the NFLPA.

The 49ers will gain an additional $6.6 million in cap room on June 1 when Carlos Rogers’ contract is wiped off the books. The 49ers cut Rogers with a post-June 1 designation. Rogers recently signed a one-year deal with the Raiders.